Vinasun (VNS) Posts Worst Quarterly Loss Since Covid-19 as Revenue Falls 18.5%

Overview

Vinasun, listed on HOSE as VNS, reported a consolidated after-tax loss of nearly VND 54.9 billion for the third quarter, its largest quarterly loss since the Covid-19 period and a second consecutive quarter in the red. Net revenue fell 18.5% year-on-year to just over VND 177 billion, while the company kept its driver-support policy in place. The result extends a multi-year decline for the traditional taxi operator as ride-hailing competition intensifies.

Key Facts

• Q3 net loss of nearly VND 54.9 billion, versus a profit of more than VND 9.2 billion in the same quarter last year.
• Q3 net revenue of just over VND 177 billion, down 18.5% year-on-year.
• Cost of goods sold fell more slowly, to nearly VND 156.8 billion, cutting gross profit by almost 59% to just over VND 20 billion.
• Gross margin narrowed to 11.4% from roughly 22.4% a year earlier.
• Other income swung from a gain of more than VND 7.3 billion to a loss of nearly VND 32.9 billion.
• Nine-month revenue of more than VND 596 billion, down 10.8%; nine-month after-tax loss of nearly VND 68.8 billion, versus a profit of more than VND 33.3 billion a year earlier.
• Shares closed at VND 5,500, a low of more than six years, giving a market capitalization of just over VND 370 billion.

What Happened

Công ty Cổ phần Ánh Dương Việt Nam, which operates the Vinasun taxi brand, filed its consolidated third-quarter financial statements showing a net loss of nearly VND 54.9 billion, against a profit of more than VND 9.2 billion in the prior-year period. Management attributed the reversal to the 18.5% decline in revenue while the company maintained its policy of supporting drivers. The filing does not disclose the amount spent on that policy separately.

Operating losses exceeded VND 22 billion, compared with a profit of nearly VND 3.9 billion a year earlier, after recurring expenses. A swing in other income, from a gain of more than VND 7.3 billion to a loss of nearly VND 32.9 billion, deepened the net loss. For the nine months, Vinasun recorded revenue of more than VND 596 billion, of which passenger taxi transport contributed more than VND 487 billion, down almost 13% and about 82% of the total. The nine-month loss of nearly VND 68.8 billion includes a loss of almost VND 42 billion from the liquidation of fixed assets.

Market Context

VNS trades on HOSE and closed at VND 5,500, a low of more than six years, with market capitalization of just over VND 370 billion. The stock has continued to drift lower, with the most recent price context showing a close of VND 5,830. Vinasun was once among the leading traditional taxi operators in southern Vietnam, with more than 17,000 employees, mostly drivers, and revenue above VND 4,500 billion at its 2016 peak. Competition from ride-hailing apps such as Grab and Uber, and more recently Green SM, has steadily eroded results; full-year revenue last year was VND 882 billion, the lowest in 17 years.

Strategic Significance

The core issue for long-term holders is whether Vinasun can defend a viable taxi franchise against app-based competitors with deeper balance sheets. The driver-support policy protects fleet utilization and driver retention but compresses margins precisely when revenue is falling, creating a structural cost problem rather than a cyclical one. The VND 42 billion asset-liquidation loss in the nine-month figures suggests the company is shrinking its asset base, which may reduce fixed costs but also signals retreat. With market capitalization near VND 370 billion, the equity story now hinges on whether management can stabilize revenue per vehicle and restore gross margin above the 20% level last seen a year ago.

What to Watch

• Q4 and full-year 2026 financial statements, to confirm whether the loss streak extends to a third quarter.
• Disclosure of the actual cost of the driver-support policy, which the Q3 filing did not break out.
• Further fixed-asset liquidation or fleet-reduction announcements and their impact on depreciation and one-off losses.
• Monthly or quarterly passenger taxi revenue, which fell almost 13% over nine months and represents about 82% of the top line.
• Any strategic partnership, restructuring, or capital-raising filing from Vinasun as liquidity tightens.